Mexico's oil revenue down 3.5% in 2014

Dec 31, 2014 12:00 AM

Mexico's oil revenues dropped 3.5% from January to November, compared with the same period last year, to 1.10tn pesos (US$75bn).

The drop in revenue – derived from state oil firm Pemex's sales of oil and petroleum products as well as tax revenues on gasoline and diesel – is partly due to a 3.1% fall in crude production during 2014, according to the finance ministry (Shcp).

Mexico's oil output fell 7% year-on-year to a 19-year low in October of 2.36Mb/d, which Pemex attributed to climatic conditions and a reduction in drilling.

The decline in revenue is also attributed to the lower average export price of Mexican crude, which dropped from US$99.70/b in 2013 to US$91.90/b this year. The Mexican crude mix slipped below US$50/b in December.

However, this decline was partly compensated for by the rise in natural gas prices, which to November had increased 21.5% compared with the same period of 2013.

Oil revenues contributed 31% of government income in 2014, according to the Shcp.

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